--- title: PV OIL Q3 2026 profit surges amid negative cash flow description: PV OIL consolidated Q3 2026 net profit reached VND 773.72 billion, but 9-month operating cash flow fell to negative VND 2,611 billion on receivables growth. url: https://ginity.vn/en/blog/pvoil-q3-2026-profit-surge-amid-negative-operating-cash-flow canonical: https://ginity.vn/en/blog/pvoil-q3-2026-profit-surge-amid-negative-operating-cash-flow markdown: https://ginity.vn/en/blog/pvoil-q3-2026-profit-surge-amid-negative-operating-cash-flow.md language: en datePublished: 2026-11-02T00:00:00+07:00 dateModified: 2026-11-02T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - OIL sources: - name: Vietnam Government Portal url: https://vanban.chinhphu.vn/?docid=208982&pageid=27160 title: Decree No. 80/2023/ND-CP on petroleum trading business - name: Government News Portal url: https://baochinhphu.vn/dieu-chinh-gia-xang-dau-tu-15h-ngay-29-10-102261029144050292.htm title: Retail fuel prices adjusted on October 29 - name: Stockbiz / Lao Dong Newspaper url: https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378 title: "OIL: PVOIL nets over VND 1,272 billion in profit while operating cash flow registers negative VND 2,611 billion" - name: Doanh nghiep Hoi nhap url: https://doanhnghiephoinhap.vn/gia-ban-le-xang-dau-tang-hon-40-pv-oil-bao-lai-ky-luc-153017.html title: PV OIL reports record net profit alongside working capital surge - name: VietTimes url: https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html title: Why PV OIL recorded record profit while operating cash flow deficit exceeded VND 2,600 billion - name: Dau tu Chung khoan url: https://www.tinnhanhchungkhoan.vn/pvoil-tap-trung-hoan-thanh-ke-hoach-nam-2026-post399501.html title: PVOIL focuses on completing 2026 operational plan - name: Vietstock url: https://vietstock.vn/2026/04/doanh-nghiep-xang-dau-lon-thu-hai-thi-truong-dat-muc-tieu-loi-nhuan-tang-30-737-1423434.htm title: Second largest petroleum distributor targets 30% profit growth publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # PV OIL Q3 2026 profit surges amid negative cash flow > PV OIL consolidated Q3 2026 net profit reached VND 773.72 billion, but 9-month operating cash flow fell to negative VND 2,611 billion on receivables growth. Gini · Companies & sectors · 2026-11-02 · https://ginity.vn/en/blog/pvoil-q3-2026-profit-surge-amid-negative-operating-cash-flow _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - PV OIL consolidated net profit after tax reached VND 773.72 billion in Q3 2026, advancing 457% year-on-year on expanded sales volumes and favorable international crude oil pricing. - Cumulative 9-month consolidated net revenue reached VND 226,976 billion and net profit after tax reached VND 1,272.62 billion in 2026, delivering 194% of the full-year target. - Consolidated net cash flow from operating activities posted a deficit exceeding negative VND 2,611 billion over the 9-month period of 2026 due to rapid receivables and inventory growth. - Short-term borrowings climbed to VND 12,336 billion at September 30, 2026 to fund working capital needs, driving Q3 interest expenses up by nearly 97% to VND 174 billion. On October 29, 2026, Petrovietnam Oil Corporation (PV OIL, UPCoM ticker: OIL) released its financial statements for the third quarter of 2026, displaying a pronounced contrast between operational accounting earnings and cash flow generation. According to financial compilations on [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378) and [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html), consolidated net profit after tax surged to VND 773.72 billion in Q3 2026, marking an increase of approximately 5.6 times compared to Q3 2025. However, the consolidated statement of cash flows showed that net cash flow from operating activities (CFO) recorded a deficit of over negative VND 2,611 billion across the 9-month period of 2026. This wide divergence between accounting profitability and cash generation reflects the operational dynamics of major downstream fuel distributors amid volatility in global benchmarks and domestic retail adjustments. Analyzing this divergence requires examining revenue expansion alongside trade credit commitments, inventory carrying cycles, and short-term debt structures. ## Strong Q3 2026 revenue and net profit expansion During the third quarter of 2026, PV OIL generated consolidated net revenue of VND 90,407 billion, representing an increase of nearly 176% compared to the Q3 2025 baseline, as published in [industry business disclosures](https://doanhnghiephoinhap.vn/gia-ban-le-xang-dau-tang-hon-40-pv-oil-bao-lai-ky-luc-153017.html). Domestic petroleum distribution operates under the wholesale regulatory framework established by [Decree No. 80/2023/ND-CP](https://vanban.chinhphu.vn/?docid=208982&pageid=27160) and regular [domestic fuel price regulations](/en/blog/vietnam-fuel-prices-oil-gas-stocks-oct-29-2026) updated on the [Government News Portal](https://baochinhphu.vn/dieu-chinh-gia-xang-dau-tu-15h-ngay-29-10-102261029144050292.htm). In addition to throughput expansion, revenue performance in Q3 2026 was supported by global crude benchmarks, with Brent crude averaging 97 USD/barrel in Q3 2026, up 40% year-on-year according to [business press reports](https://doanhnghiephoinhap.vn/gia-ban-le-xang-dau-tang-hon-40-pv-oil-bao-lai-ky-luc-153017.html). Consolidated net profit after tax in Q3 2026 reached VND 773.72 billion, expanding 457% over the comparative period of 2025, according to disclosures compiled by [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378). Net profit attributable to the parent company equity holders accounted for VND 716 billion in Q3 2026. This quarterly profit represented the largest quarterly earnings contribution across the distribution network according to [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378). According to cumulative financial results reported by [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html), across the 9-month period of 2026, PV OIL recorded consolidated net revenue of VND 226,976 billion, rising over 115% compared to the 9-month period of 2025. Cumulative consolidated net profit after tax reached VND 1,272.62 billion in the 9-month period of 2026, an advance of 243% compared to the 9-month period of 2025, with parent company net profit reaching approximately VND 1,100 billion. | Consolidated metric | Q3 2025 | Q3 2026 | Change (%) | 9M 2026 | | :--- | :--- | :--- | :--- | :--- | | Net revenue (VND billion) | 32,756 | 90,407 | +176% | 226,976 | | Cost of goods sold (VND billion) | 31,757 | 87,967 | +177% | 220,534 | | Gross profit (VND billion) | 999 | 2,440 | +144% | 6,442 | | Financial income (VND billion) | 207 | 299 | +44% | 753 | | Interest expense (VND billion) | 88 | 174 | +97% | 451 | | Net profit after tax (VND billion) | 139 | 773.72 | +457% | 1,272.62 | | Operating cash flow CFO (VND billion) | -993.49 | -- | -- | -2,611 | Source: Compiled from PV OIL consolidated financial disclosures published on October 29, 2026 on [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378) and [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html). > Chart: PV OIL 9-month 2026 consolidated business metrics. VND billion. Net revenue: 226.976,00; Gross profit: 6.442,00; Net profit after tax: 1.272,62. ## Gross profit margin pressured by product acquisition costs While top-line net revenue expanded strongly during Q3 2026, consolidated cost of goods sold advanced by nearly 177% to over VND 87,967 billion according to financial analysis published by [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378). Gross profit margin is determined through standard financial formulation: $$\text{Gross Profit Margin} = \frac{\text{Gross Profit}}{\text{Net Revenue}} \times 100\%$$ According to financial disclosures published on [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378), applying Q3 2026 figures where consolidated gross profit reached VND 2,440 billion on consolidated net revenue of VND 90,407 billion: $$\text{Gross Profit Margin Q3 2026} = \frac{2,440}{90,407} \times 100\% \approx 2.70\%$$ The resulting gross profit margin of 2.70% in Q3 2026 represents a minor contraction from 3.05% recorded in Q3 2025. This compression occurred because cost of goods sold growth (177%) outpaced top-line revenue growth (176%), reflecting higher procurement outlays for imported petroleum products during Q3 2026 according to data compiled by [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378). Operational expenses also expanded alongside larger trading scale in Q3 2026. Selling expenses rose over 69% and administrative expenses increased more than 79% year-on-year, based on figures reported by [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html). Concurrently, Q3 2026 interest expense climbed nearly 97% to over VND 174 billion due to larger working capital financing requirements. However, financial income in Q3 2026 reached VND 299 billion, up more than 44% year-on-year, supported by bank deposit yields that cushioned interest obligations. ## Operating cash flow deficit exceeds VND 2,611 billion The most critical development in the 9-month financial profile of PV OIL lies in the consolidated statement of cash flows. Consolidated net cash flow from operating activities (CFO) over the 9-month period of 2026 showed a deficit of over negative VND 2,611 billion, as highlighted in the financial review by [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html). This negative outflow expanded from a deficit of negative VND 993.49 billion reported in the 9-month period of 2025. The widening operational cash deficit was primarily caused by substantial shifts in working capital components. According to cash flow disclosures reported by [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378), changes in short-term receivables absorbed VND 14,867.02 billion in cash during the 9-month period of 2026. By contrast, receivables contributed a positive inflow of VND 5,980.45 billion during the 9-month period of 2025. When analyzed through corporate [reading cash flow statements](/en/blog/reading-cash-flow-statement-vietnam), the variance between accrued accounting profit and operational cash flow primarily reflected the sharp expansion in short-term operating receivables to nearly VND 30,032 billion at September 30, 2026 according to analysis reported by [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html). Specifically, trade receivables from commercial customers accounted for over VND 21,000 billion, alongside more than VND 7,700 billion in crude oil import and export entrusted clearing balances, driven by substantial physical transaction volume across the distribution network. Concurrently, maintaining mandatory circulating reserves during volatile oil trading conditions required holding higher physical volumes. As liquidity was absorbed by outstanding trade claims and storage reserves, the business underwent an expanded cash conversion cycle and conducted [net working capital checks](/en/blog/net-working-capital-and-cash-safety-check) to support its operating baseline through banking facilities. ## Balance sheet shifts and borrowing profile at September 30 At September 30, 2026, consolidated total assets of PV OIL stood at nearly VND 64,980 billion, based on balance sheet records reported in [industry publications](https://doanhnghiephoinhap.vn/gia-ban-le-xang-dau-tang-hon-40-pv-oil-bao-lai-ky-luc-153017.html), rising 32% from June 30, 2026 and increasing over 42% from January 01, 2026. Asset growth was concentrated within short-term operating assets necessary for crude trading and product distribution. Consolidated short-term receivables at September 30, 2026 totaled nearly VND 30,032 billion, multiplying 1.9 times from the beginning of the year at January 01, 2026 according to [financial reporting](https://doanhnghiephoinhap.vn/gia-ban-le-xang-dau-tang-hon-40-pv-oil-bao-lai-ky-luc-153017.html). Customer trade receivables accounted for over VND 21,000 billion, while entrusted crude oil import and export clearing receivables represented more than VND 7,700 billion. Inventories at September 30, 2026 rose to over VND 7,900 billion, compared with VND 2,800 billion at January 01, 2026. To maintain liquidity buffers, PV OIL preserved substantial cash reserves according to records cited in [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html). At September 30, 2026, cash, cash equivalents, and bank term deposits stood at nearly VND 18,118 billion, declining by only 6% from January 01, 2026. These treasury holdings generated notable financial income over the 9-month period of 2026, providing VND 653 billion in deposit interest and approximately VND 100 billion in net foreign exchange gains. Regarding capital structure, consolidated total debt and financial lease obligations at September 30, 2026 reached over VND 12,336 billion, advancing almost 59% from June 30, 2026 and rising more than 13% from January 01, 2026 according to [balance sheet statements](https://doanhnghiephoinhap.vn/gia-ban-le-xang-dau-tang-hon-40-pv-oil-bao-lai-ky-luc-153017.html). Over the 9-month period of 2026, the corporation drew down over VND 5,900 billion in new borrowings and repaid more than VND 4,400 billion in principal, utilizing short-term credit facilities to bridge working capital timing gaps. ## Retail fuel network growth and full-year plan progress In parallel with wholesale trading operations, PV OIL expanded its company-operated retail petrol network. At its 9-month operational review meeting documented in [Dau tu Chung khoan](https://www.tinnhanhchungkhoan.vn/pvoil-tap-trung-hoan-thanh-ke-hoach-nam-2026-post399501.html), management reported opening 133 new retail petrol stations during the 9-month period of 2026. This expansion expanded the total network to 1,082 company-operated stations nationwide by September 30, 2026. The retail network serves as a strategic channel for retail petroleum volume absorption and delivers more resilient operating margins than wholesale distribution. In addition, increasing retail presence strengthens market visibility and drives throughput volume across individual distribution points. Regarding corporate targets for 2026, the annual general meeting held on April 24, 2026 approved a full-year net profit after tax target of VND 656 billion, according to disclosures in [Vietstock](https://vietstock.vn/2026/04/doanh-nghiep-xang-dau-lon-thu-hai-thi-truong-dat-muc-tieu-loi-nhuan-tang-30-737-1423434.htm). With cumulative 9-month consolidated net profit after tax reaching VND 1,272.62 billion as documented by [Stockbiz](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378), PV OIL achieved approximately 194% of its full-year 2026 earnings target, exceeding the annual plan by nearly 94%. The Q3 2026 financial performance of PV OIL demonstrated substantial expansion in revenue and accounting net earnings under favorable energy market conditions. According to financial analysis reported by [VietTimes](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html), liquidity pressures resulting from a consolidated operating cash flow deficit of over negative VND 2,611 billion and elevated interest charges require ongoing oversight of trade collections and inventory efficiency throughout upcoming operating quarters. ## Sources - Vietnam Government Portal: [Decree No. 80/2023/ND-CP on petroleum trading business](https://vanban.chinhphu.vn/?docid=208982&pageid=27160) (17/11/2023) - Government News Portal: [Retail fuel prices adjusted on October 29](https://baochinhphu.vn/dieu-chinh-gia-xang-dau-tu-15h-ngay-29-10-102261029144050292.htm) (29/10/2026) - Stockbiz / Lao Dong Newspaper: [OIL: PVOIL nets over VND 1,272 billion in profit while operating cash flow registers negative VND 2,611 billion](https://stockbiz.vn/tin-tuc/oil-pvoil-lai-hon-1272-ti-dong-nhung-dong-tien-kinh-doanh-am-hon-2611-ti-dong/42573378) (01/11/2026) - Doanh nghiep Hoi nhap: [PV OIL reports record net profit alongside working capital surge](https://doanhnghiephoinhap.vn/gia-ban-le-xang-dau-tang-hon-40-pv-oil-bao-lai-ky-luc-153017.html) (31/10/2026) - VietTimes: [Why PV OIL recorded record profit while operating cash flow deficit exceeded VND 2,600 billion](https://viettimes.vn/vi-sao-pv-oil-lai-ky-luc-dong-tien-kinh-doanh-am-hon-2600-ty-dong-post207698.html) (31/10/2026) - Dau tu Chung khoan: [PVOIL focuses on completing 2026 operational plan](https://www.tinnhanhchungkhoan.vn/pvoil-tap-trung-hoan-thanh-ke-hoach-nam-2026-post399501.html) (25/08/2026) - Vietstock: [Second largest petroleum distributor targets 30% profit growth](https://vietstock.vn/2026/04/doanh-nghiep-xang-dau-lon-thu-hai-thi-truong-dat-muc-tieu-loi-nhuan-tang-30-737-1423434.htm) (14/04/2026) ## Frequently asked questions ### What were PV OIL financial results in Q3 2026? According to its consolidated Q3 2026 financial report, PV OIL generated net revenue of VND 90,407 billion, up almost 176% year-on-year, and net profit after tax of VND 773.72 billion, up 457% year-on-year. ### Why did PV OIL operating cash flow turn negative by VND 2,611 billion? Consolidated operating cash flow for the 9-month period of 2026 fell to negative VND 2,611 billion primarily because working capital shifts from short-term receivables absorbed VND 14,867.02 billion in cash alongside higher inventories of VND 7,900 billion at September 30, 2026. ### How did PV OIL gross margin change in Q3 2026? Gross profit margin in Q3 2026 stood at 2.70%, narrowing slightly from 3.05% in Q3 2025 as cost of goods sold rose 177% to VND 87,967 billion due to higher international procurement benchmarks. ### How much of its full-year 2026 profit plan did PV OIL fulfill? With 9-month cumulative consolidated net profit reaching VND 1,272.62 billion, PV OIL achieved 194% of its full-year 2026 profit goal of VND 656 billion approved at its annual general meeting on April 24, 2026. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._